Popular Pays Improves Benefits Offering & Cuts Annual Healthcare Costs with Launchways

Launchways conducted an employee survey and healthcare utilization analysis, restructured Popular Pays’ plan design to align with employee preferences, and reduced their annual medical premiums by 10%.

Challenge

As Popular Pays prepared to close a Series B round of funding, they identified their benefits program as an area to cut costs and improve burn rates. Some of the challenges included overpaying for out-of-the-box online broker benefits, low plan utilization and lack of employee education around benefits offerings.

Outcome

Launchways conducted a healthcare utilization analysis, redesigned their health and dental plans, added additional ancillary coverages, and implemented online benefits enrollment technology. Additionally, Launchways increased the quality of Popular Pays' benefits offering, while also reducing annual benefits costs.


Popular Pays saw results working with Launchways, including:

  • Conducted employee survey and healthcare utilization analysis
  • Modified existing plan to align with employee preferences
  • Improved HSA plan offering to reduce deductibles
  • Added ancillary coverages including short-term disability and voluntary life
  • Reduced annual medical premiums by 10%
“One of our main company goals was to create a better strategy around our HSA. Seeing our HSA utilization go from one or two employees to more than 25% of our team was awesome. Now our HSA plan does exactly what we want it to do: it gives our team great health benefits and empowers employees to take control over their healthcare.”

- Nathan Parkins, Finance and Business Operations at Popular Pays